Teather & Greenwood Investment Management has entered the self-invested personal pensions (Sipp) market with the introduction of the TGIM Sipp.
The company has gained experience within this market by acting as an investment manager for the Sipps of other providers. It felt the time was right to go one step further by offering its own product, as more people are keen to control where their pension is invested.
The product is a full Sipp that allows investment into any type of investment that is covered by the Inland Revenue rules. Individual stocks and shares, commercial property, futures and options, unit trusts, Oeics, and investment trusts are all permitted as Sipp investments under the rules.
Investors in this Sipp are allocated their own fund manager, who will help them to build their portfolio according to their risk profiles. There is also a system in place called Teather-I-deal, which allows the portfolio to be viewed and traded online.
With a set-up fee of £350, an annual management charge of £400 and additional charges for commercial property transactions, this Sipp marks a departure from the recent trend towards lower-cost Sipps. Like the recent Hartley-Sas Sipp, it is aimed at the higher end of the market.
Although the Hartley-Sas Sipp has a lower set-up fee of £250, it's annual management charge of £750 makes it more expensive to run than the Teather & Greenwood Sipp. However, the Hartley-Sas Sipp charges just £390 for each property purchase, which is £110 less than Teather & Greenwood's charge for this service.